Small Win for Small Building Owners in NYC

Citrin Cooperman’s Real Estate Practice sent out alerts on January 8 and January 21, 2019, regarding the possible increase of the assessed valuation threshold on Form TC 309 Accountant’s Certification (“TC 309”) from $1,000,000 to $5,000,000.

Good news for small building owners! Your Form TC 201 – Income and expense schedule for rent producing properties (“TC 201”) filing burden may finally be significantly lessened.

On January 24, 2019, the New York City Council passed a bill for a local law that increases the 2019/2020 tax year assessed valuation threshold requiring TC 309 certification from $1,000,000 to $5,000,000. Thus, an audit may not be required for your filing of TC 201. The new law will retroactively apply to the 2019/2020 tax year for 2018 reported operating income and expenses.

With all of the changes to the TC 201 filing process, small building owners should consult their advisors regarding filing requirements and preparation support services. Please contact a real estate professional at Citrin Cooperman to walk you through how these changes will affect your TC 201 filing.

Citrin Cooperman is an independent member firm of Moore Stephens North America (MSNA), which is itself a regional member of Moore Stephens International Limited (MSIL). All firms in MSNA are independent entities, owned and managed in each location. Our membership in MSNA and our association with MSIL, through our membership in MSNA, should not be construed as constituting or implying any partnership between the aforementioned parties and Citrin Cooperman.